Thomson Reuters raises 2026 revenue outlook on organic growth
The company increased its full-year total and organic revenue growth outlook to approximately 8.0% following a 9% revenue increase in the second quarter.
Thomson Reuters Corporation (TRI), the professional information provider, reported second-quarter revenues of $1,954 million, a 9% increase from $1,785 million in the prior-year period. The company raised its full-year 2026 total and organic revenue growth outlook to approximately 8.0%, while projecting organic growth for its "Big 3" segments—Legal Professionals, Corporates, and Tax, Audit & Accounting Professionals—to range between 9.5% and 10.0%.
Growth in the second quarter was driven by a 9% increase in recurring revenues, which accounted for 82% of total revenues, and a 16% increase in transactions revenues. These gains were partly offset by a 3% decline in Global Print. Organic revenues for the period rose 8%, with the "Big 3" segments reporting 10% organic growth and collectively representing 83% of total revenues.
Operating profit for the quarter increased 28% to $558 million from $436 million. The company said this growth was primarily due to the net impact of higher revenues and operating expenses and other operating gains, though it was partly offset by higher software amortization. Adjusted EBITDA rose 10% to $745 million, and the related margin increased to 38.1% from 37.8%.
Earnings per share saw a significant increase, with diluted EPS rising to $1.02 from $0.69 in the prior-year period. Adjusted EPS rose to $0.99 a share from $0.87 a share. The company attributed the adjusted EPS growth to higher adjusted EBITDA and a reduction in weighted-average common shares outstanding, though these factors were partly offset by higher amortization of internally developed software.
Cash flow from operating activities rose 23% to $920 million compared to $746 million in the second quarter of 2025. Free cash flow for the quarter increased to $727 million from $566 million. For the six months ended June 30, 2026, net cash provided by operating activities reached $1,425 million.
During the period, the company completed a $600 million share repurchase program and a $605 million return of capital transaction on May 4, 2026, which reduced the share count by approximately 6.5 million shares. It also repaid $500 million of 3.35% notes in May 2026.
Thomson Reuters announced a definitive agreement with KKR to form a joint venture for its Global Print business. The company will sell a 51% stake to capital accounts advised by KKR and expects to receive approximately $500 million in gross proceeds upon closing.